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Samson Mow Slams Ripple for Spreading FUD About Bitcoin and Tether, Ripple Files Motion to Seal Documents, Here's Why Ethereum ETF Could Be Denied: Crypto News Digest by U.Today

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Wed, 15/05/2024 - 14:38
Samson Mow Slams Ripple for Spreading FUD About Bitcoin and Tether, Ripple Files Motion to Seal Documents, Here's Why Ethereum ETF Could Be Denied: Crypto News Digest by U.Today
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Don’t miss anything in the world of crypto with U.Today’s top three crypto news stories over the past day.

Bitcoiner Samson Mow slams Ripple for spreading FUD about Bitcoin and Tether

Following the confrontation that unfolded between Ripple CEO Brad Garlinghouse and Tether CEO Paolo Ardoino, Samson Mow, head of Jan3, took to social media to share his view on the situation. In his X post, Mow sided with Ardoino, writing that Ripple is now “actively spreading FUD about Tether” in order to “try and get traction on their own stablecoin.” The Jan3 CEO added that such a turn of events is not surprising for him at all, as a similar situation happened in 2022; back then, Ripple (particularly its cofounder Chris Larsen) paid $5 million to Greenpeace to start a campaign against Bitcoin, which aimed to force the change of BTC's proof-of-work consensus algorithm to a proof-of-stake one.

SEC v. Ripple: Defendant files motion to seal documents

According to a recent update on the Ripple-SEC legal battle provided by defense lawyer James K. Filan, Ripple has filed a motion to seal or narrowly tailor some of its documents in connection with the SEC's motion for judgment and remedies. As stated by Ripple, if these confidential documents were made public, its business interests would suffer "significant harm." The company wants to seal or redact highly confidential information concerning its earnings, revenues expenses and so on. Additionally, Ripple requests to keep its contractual agreements with thirty-party business partners undisclosed; even though the company acknowledges the relevance of the fact that it provided institutional XRP buyers with discounts, it is unwilling to reveal the specific financial and pricing details. Besides, Ripple wishes to protect the identities of certain nonparty financial institutions - customers as well as employees.

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Here's why Ethereum ETF could be denied

In a recent X post, James Seyffart, ETF analyst at Bloomberg Intelligence, stated that the SEC's decision to deny numerous Ethereum ETF applications this May by stating that Ethereum is a security is becoming increasingly likely. “Not a guarantee that they will do this but I think this almost guarantees that the SEC is at least considering it,” Seyffart added. The analyst's post comes as a response to finance lawyer Scott Johnsson, who claimed that the SEC is considering the security question for Ethereum in its next spot ETF order. Per Johnsson, the regulator is supposed to provide a "notice of the grounds for disapproval under consideration." The SEC argues that since the underlying asset is a security, it was improper to offer commodity-based trust shares. Interestingly, Bitcoin ETFs did not have to deal with this issue. As a reminder, on May 23 and 24, the SEC is expected to make its final decision about VanEck and ARK's Ethereum ETF filings, respectively.

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